777 

.3 

GG 


s 

University  of  California  •  Berkeley 


The 

Goldfield 
Mascot 

Mining 
Co. 


The  Patrick  Investment  Co, 
Fiscal    Agents 


402,  403,  404,  405 
Empire  Building 
Denver,  Colorado 


THE 

GOLDFIELD  MASCOT 
MINING  COMPANY 


Incorporated  Under  the 
of  Arizona. 


CAPITAL  STOCK,   1,000.000  SHARES 


PAR  VALUE,  ONE  DOLLAR  EACH 
FULL  PAID  AND  NON-ASSESSABLE 


499,000  SHARES  IN  TREASURY 

Alines    Located   in  the 
GOL.DFIELD     DISTRICT,   NEVADA 

MAIN  OFFICES 
402,  403,  404,  405  Empire    Building,  Denver  Colo. 


OFFICERS 

L.  L.  PATRICK,  President. 
C.  M.  EDDY,  Vice-Pres. 
''*"j.  M.  PATRICK,  Secretary. 
W.  H.   EDDY,  Treasurer. 

DIRECTORS 

L.  Li.   Patrick,  Mining-  Engineer.  .  .Goldfleld,  Nev. 

C.  M.   Eddy    Denver 

J.   M.   Patrick,   Investments Denver,   Colo. 

W.  H.  Eddy,  Investments Denver,  Colo. 

r1.  M.  Shaw,  Manager  King-  Mfg.  Co.Denver,  Colo. 

DEPOSITORY 

FIRST   NATIONAL  BANK 
Capital    and   Surplus,    $2,000,000 


INTRODUCTORY 

YVTilLE   admitting-   that  the  principal   aim   of 
VV      this    prospectus    is   to    show    to    investors 
that   The   Goldfleld    Mascot   Mining   Com- 
pany's stock  is  of  more   than  average  merit,   to 
the  busy  business  man,  we  submit  the  following 
salient     points     pertaining    to    the    company    as 
worthy  of  special  attention,  and  which,  to  some, 
we   believe,    will   answer  quite  as   well   as   read- 
ing all  the  data  contained  herein. 


TO  BEGIN  with,  The  Goldfield  Mascot  Com- 
pany is  a  "subsidiary"  of  The  Forward 
Mining  Development  Company,  which  has 
on  its  staff  what  is  conceded  to  be  one  of  the 
strongest  and  most  successful  corps  of  expert 
miners  and  mining  engineers  in  the  Goldfleld 
district,  and  who,  as  managers  of  large  mining 
estates,  have  been  conspicuously  successful  in 
not  only  Goldfield,  but  other  western  mining 
camps.  It  being  a  subsidiary  company,  and 
thereby  under  the  control  of  the  management  of 
The  Forward  Company,  it  is  easy  to  see  the  im- 
mense advantage  it  will  have  from  the  start 
over  the  average  new  company  in  regard  to 
management  and'  general  efficiency. 

Regarding  finances,  the  Goldfield  Mascot  Com- 
pany will  have  499,000  shares  of  the  1,000,000 
capital  stock  in  the  treasury  for  development 
and  general  betterment  purposes.  The  balance 
of  the  stock,  501,000  shares,  being  in  the  hands 
of  the  executive  and  financial  department  of  The 
P"orward  Company,  secures  the  full  support  of 
this  strong  company,  which  in  itself  practically 
amounts  to  a  guarantee  of  substantial  and  last- 
ing results. 

As  to  the  present  and  prospective  value  of  The 
Goldfield  Mascot  Company's  holdings  we  would 
say  that  the  claims  owned  were,  after  a  thor- 
ough and  comprehensive  examination  by  The 
Forward  Company's  engineers,  approved  and  ac- 


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cepted,  not  only  on  account  of  the  great  area  —  • 
over  73  acres—  nor  the  valuable  veins  exposed 
thereon,  but  also  on  account  of  the  great  activ- 
ity on  adjoining  and  neighboring  claims,  result- 
ing in  valuable  discoveries  extending  into  Gold- 
iiekl  Aiascot  territory. 

In  addition  to  the  foregoing  advantages,  it  will 
always  be  the  aim  and  policy  of  the  directors  to 
offer  the  development,  or  treasury,  stock  at  a 
price  that  will  net  the  company  satisfactory  re- 
sults anu,  at  the  same  time,  command  the  atten- 
tion of  conservative  investors. 

Furthermore,  and  as  additional  evidence  of  our 
ability  to  negotiate  an  enterprise  like  The  Gold- 
field  Mascot  we  would  respectfully  refer  the 
reader  to  our  records  in  connection  with  The 
January,  Combination,  Black  Butte  and  other 
highly  successful  "grass  root"  flotations  in  the 
Goldfleld  district,  which,  in  some  instances  did 
not  promise  as  well  in  the  start  as  The  Gold- 
fleld Mascot. 

For  the  benefit  of  those  having  the  time  and 
inclination  to  study  details  we  follow  this  intro- 
ductory with  much  interesting  data  pertaining 
to  The  Goldfleld  Mascot's  holdings  and  the  sur- 
rounding country,  but  for  the  busy,  yet  careful, 
investors,  we  believe  the  foregoing  representa- 
tions of  facts  are  sufficient  to  convince  them  that 
the  enterprise  offers  an  unusually  favorable  op- 
portunity for  the  profitable  investment  of  cap- 
ital. 


HOLDINGS 


THE  PROPERTY  owned  by  The  Goldfield 
Mascot  Mining  Company  consists  of  four 
claims — the  Mascot,  Creseus,  Eugenia  and 
Lady  Roxburgh,  which,  after  eleminating  all 
prior  rights  of  overlapping  mines,  embraces  an 
area  of  over  73  acres,  and  contains  over  6,000 
linear  feet  of  known  veins,  not  to  mention 
"blind"  or  unknown  veins  so  prevalent  in  this 
district,  where  the  "overburden"  is  heavy.  These 
claims  are  situated  on  the  wagon  road  about 
midway  between  the  towns  of  Diamondfield  and 


Goldfield,  in  the  immediate  vicinity  of  the  May- 
flower, Hunchbelle  and  other  well  known  groups 
of  mines,  and  only  from  one  to  two  and  a  half 
miles  from  every  "bonanza"  mine  in  the  district. 
The  surface  indications  on  the  above  four  claims 
are  superior  to  the  January's  at  the  same  stage 
of  development  (from  which  L.  L.  Patrick  and 
associates  afterward  developed  and  extracted 
over  $700,000  worth  of  ore)  and,  under  the  sys- 
tematic and  vigorous  campaign  of  work  which 
they  will  receive,  should  soon  render  a  splendid 
account  of  themselves. 

The  accompanying  claim  map  not  only  shows 
the  relative  position  of  The  Goldfield  Mascot 
Company's  claims  to  the  big  mines  (January, 
Combination,  Jumbo,  Florence,  Tonopah  Club, 
Sandstorm,  Black  Butte,  Quartzite,  Simmerone, 
Lone  Star,  St.  Ives,  Vernal,  Velvet  and  others), 
but  it  also  shows  that  they  are  within  the  radius 
of  action  of  the  "Goldfield  volcano,"  which  many 
eminent  geologists  claim  was  the  direct  cause 
of  the  vein  formation  in  this  particular  area. 


OTHER  ADVANTAGES 

ASIDE  FROM  its  known  vein  croppings,  the 
ground  owned  by  The  Goldfield  Mascot 
Company  possesses  much  intrinsic  value 
in  being  situated  in  the  midst  of  active  oper- 
ations. As  an  illustration  of  the  benefits  often 
derived  by  neighboring  claims  under  such  cir- 
cumstances we  can  cite  the  Black  Butte,  Quartz- 
ite, Simmerone  and  about  every  mine  in  the  dis- 
trict, in  which  the  extensions  of  their  bonanza 
veins  were  traced  and  are  now  being  worked  by 
adjoining  claim  owners  and,  at  the  same  time, 
without  decreasing  the  value  of  the  original  dis- 
coveries. In  the  development  of  the  Quartzite 
vein  at  Diamondfleld,  in  which  the  ore  assays 
from  $300  to  $10,000  per  ton,  the  rich  ore  shoot 
was  found  to  also  extend  into  the  Black  Butte 
ground,  although  there  was  no  such  indication 
on  the  surface  of  the  Black  Butte's  holdings;  nor 
would  it  have  been  known  for  a  long  time  but 


for  the  development  of  the  Quartzlte.  Another 
conspicuous  case  in  point  is  the  Simmerone,  in 
which  the  Lone  Star  and  Potlatch — adjoining 
claims — have  been  much  benefited. 

The  exceptionally  favorable  location  of  our 
claims,  their  thorough  mineralization  and  large 
area,  compared  with  others  who  started  under 
less  favorable  conditions,  in  which  great  success 
afterwards  rewarded  their  efforts,  warrants  us 
in  the  belief  that  success  with  us  is  merely  a 
question  of  development  and  competent  manage- 
ment. 

MANAGEMENT 

THE  MANAGEMENT  of  our  properties  shall 
be  under  the  direct  supervision  of  the 
whole  Forward  Company's  staff  of  expert 
miners  and  engineers.  These  men  are  not  only 
familiar  with  every  phase  and  turn  of  the  min- 
ing business,  but  are  thoroughly  familiar  with 
the  local  geological  and  mineralogical  condi- 
tions of  the  Goldfield  district. 

Mr.  Lucien  L.  Patrick,  president  of  both  -tiie 
Goldfield  Mascot  and  The  Forward  Mining  De- 
velopment Company,  now  one  of  the  wealiuy 
miners  of  Goldfield,  Nevada,  is  well  and  favor- 
ably known  to  the  prominent  mining  men  of 
Colorado,  Nevada  and  other  western  states,  as  a 
miner  of  enterprise,  good  judgment  and  a  care- 
ful manager,  having  been  very  successful  in 
Leadville  and  Asp1  en,  Colorado;  Koutenai,  B.  C., 
and  the  state  of  Washington,  and  now,  at  Gold- 
field,  Nevada. 

Mr.  L.  L.  Patrick  is  also  vice-president  and 
the  largest  individual  stockholder  in  the  Black 
Butte,  which  largely  through  his  personal  su- 
pervision, has  been  developed  into  one  of  the 
big  mines  of  the  camp. 

Mr.  Patrick  was  the  first  to  recognize  the 
possibilities  of  the  Goldfield  district,  going 
there  when  there  was  less  than  a  dozen  people 
in  the  camp.  Now  the  population  is  about 
15,000.  It  is  estimated  that  at  the  present  rate 
of  daily  arrivals  the  population  will  reach  35,000 
by  the  end  of  1907. 


As  to  L.  L.  Patrick,  any  bank  or  banker  In 
Tonopah  or  Goldfield,  Nevada,  or  prominent  min- 
ing- man  in  Colorado,  can  be  referred  to. 

Mr.  W.  F.  Patrick  opened  up,  developed  and 
sold  to  The  American  Smelting  Company,  the 
Aftermath  mine  at  Ten-Mile,  near  Leadville, 
Colorado,  realizing  a  profit  of  over  $250,000  for 
himself  and  partners.  A  year  or  so  later  he  was 
one  of  the  first  to  strike  sulphide  lead  ores  at 
Leadville,  when  he  took  a  bond  and  lease  on  the 
famous  Colonel  bellers  mine,  and  operated  it  till 
he  sold  it  to  the  Smelting  Company  of  New  Jer- 
sey, paying  out  about  $1,000,000  in  dividends  to 
the  owners. 

In  the  Aftermath  properly,  less  than  $10,000 
was  spent  in  development  and  $250,000  realized. 
In  the  Colonel  Sellers  $23,000  was  spent  and  $1,- 
000,000  paid  in  dividends  to  the  owner*. 

The  company  is  especially  fortunate  in  having 
on  its  board  of  directors  successful  mining  men 
of  large  experience,  and  now  actively  engaged 
in  the  Goldfield  district,  where  they  have  been 
eminently  successful,  and  whose  honesty  and 
capability  are  unquestioned. 

CAPITAL  AND 
TREASURY  STOCK 

THE  GOLDFIELD  Mascot  Mining  Company 
is  capitalized  for  1,000,000  shares,  the  par 
value  of  each  share  being  $1.00,  and  it 
starts  out  with  499,000  shares — practically  one- 
half  of  the  capital  s^ock — in  the  treasury,  to  be 
sold  as  required  for  development  and  the  gen- 
eral betterment  of  its  holdings.  The  stock  shall 
be  sold  at  an  advanced  price  from  time  to  time, 
as  work  progresses,  or  until  the  mines  are 
established  oh  a  dividend-paying  basis,  when 
the  treasury  stock  will  be  withdrawn  from  the 
market.  The  stock  is  fully  paid  and  non-assess- 
able, and  carries  no  individual  liability  under 
the  articles  of  incorporation. 

The  Forward  Mining  Development  Company, 
from  whom  the  Goldfield  Mascot  Mining  Com- 
pany acquires  title  to  the  four  claims  men- 


tioned,  retains  501,000  shares  of  the  capital  stock 
in  lieu  of  any  profits  in  cash  it  might  have  re- 
ceived by  parting  with  all  of  its  interests.  View- 
ing it  from  another  standpoint,  The  Goldfield 
Mascot  Mining  Company  has,  from  the  start,  the 
full  financial  and  physical  backing  of  the  For- 
ward Company,  and  the  Forward  Company,  by 
giving  its  full  support  to  the  Goldfield  Mascot 
Mining  Company,  enhances  the  value  of  its 
shares  in  proportion  to  the  effort  it  makes  to 
reach  the  dividend  point  with  its  Goldfleld  Mas- 
cot Mining  Company's  holdings. 

Under  the  foregding  plan  of  operating  it  is 
easy  to  see  that  our  company 'enjoys  a  tremend- 
ous advantage  over  the  average  mining  com- 
pany, and  that  when  it  is  considered  in  conjunc- 
tion with  the  many  other  desirable  features, 
success,  to  say  the  least,  surely  seems  assured. 

Subscribers  to  stock  may  pay  for  the  same 
either  on  the  cash  or  installment  plan.  Install- 
ments can  be  made  by  paying  ten  per  cent,  with 
the  order  and  the  balance  in  six  monthly  pay- 
ments. Receipts  showing  the  amount  paid  shall 
be  returned  to  subscribers,  and  when  the  last 
payment  is  made  a  paid-up  certificate  shall  be 
forwarded  to  them. 

The  company  will  exact  no  forfeiture  of  any 
moneys  paid,  so  that  when  subscribers  find  that 
they  are  unable  to  maintain  their  monthly  pay- 
ments any  longer,  a  certificate  for  the  full 
amount  paid  will  be  sent  them. 

In  conclusion,  let  us  say  that  it  is  no 
trouble  for  us  to  answer  all  honest  inquiries,  and 
that  the  same  shall  receive  prompt  and  courteous 
attention  at  all  times  from  the  officers  of  either 
the  Forward  Company  or  the  undersigned. 

THE  GOLDFIELD  MASCOT  MINING 
COMPANY 

402,    403,    404,    405    Empire    Building, 
DENVER,    COLO. 

THE   PATRICK   INVESTMENT    CO., 

Fiscal    Agent. 


NEVADA 


NO  STATE  in  thg  union  is  at  present  attract- 
„  ing  so  much  attention  among  mine  oper- 
ators and  investors  in  mining  stocks 
throughout  the  world,  as  Nevada,  which  is  once 
again  forging  to  the  front  rank  as  a  prominent 
producer  of  the  precious  metals.  The  statistics 
show  that  the  production  of  gold  for  1903 
amounted  to  $3,388,000,  and  of  silver  $6,529,939, 
the  former  metal  showing  an  increase  of  $492,700 
sfiid  the  latter  an  increase  of  $1,686,367  over  the 
previous  year.  The  production  of  1904  amounted 
to,  gold,  $5,140,000;  silver,  $4,500,000,  showing  an 
increase  in  gold  of  $1,252,000  over  1903  and  a  de- 
crease of  silver  of  over  $2,000,000.  The  produc- 
tion at  Goldfleld  has  increased  annually  and 
there  are  many  who  believe  that  1907  will  see 
a  production  of  nearly  fifty  millions.  While  the 
total  product  is  trifling  compared  to  the  palmy 
days  of  the  Comstock  in  the  zenith  of  its  glory, 
yet  it  is  the  greatest  output  for  many  years  and 
the  very  remarkable  percentage  increase  is  the 
most  encouraging  sign  to  those  who  have  un- 
swerving -faith  in  Nevada  as  the  coming  great 
mineral  state  of  America  in  the  immediate  fu- 
ture. It  was  unfortunate  for  Nevada  that  the 
many  millions  in  silver  extracted  from  the  Com- 
stock lode  led  the  prospectors  to  insist  upon  re- 
garding it  as  a  "Silver  State"  and  refusing  to 
prospect  for  gold. 

The  progress  of  the  mining  industry  was  also 
greatly  retarded  by  the  almost  total  absence  of 
railroad  facilities,  rendering  transportation  ex- 
ceedingly costly  and  virtually  prohibiting  the 
working  of  any  but  high-grade  ores,  and  these 
only  with  great  waste.  To  these  troubles  must 
be  added  popular  impression  that  the  state  was 
virtually  an  arid  desert,  although  no  practical  or 
scientific  efforts  had  ever  been  put  forth  to  dis- 
cover water  in  any  quantities,  but  the  puny  at- 
tempts of  individual  prospectors,  or  cattle  men, 
had  invariably  met  with  success  on  a  small 


scale.  Yet  with  all  these  difficulties,  hampered 
by  prejudice  and  ignorance  of  its  hidden  re- 
sources, Nevada  is  now  the  cynosure  of  the  eyes 
of  the  mining-  world  and  is  destined  to  attract 
attention  for  some  years  to  come,  but,  remark- 
able to  say,  as  a  producer  of  gold,  which  will 
for  the  future  far  exceed  its  output  of  silver  in 
the  past. 

IN  CONCLUSION 

THE  FOREGOING  description  of  the  Gold- 
field  district,  though  necessarily  Incom- 
plete, has  been  written  with  the  desire  of 
conveying  a  true  idea  of  the  present  condition 
and  future  great  possibilities  of  this  important 
mineral  belt.  Though  only  a  little  over  three 
years  old,  it  gives  every  promise  of  ultimately 
surpassing  Virginia  City  and  its  famous  Corn- 
stock  mines,  with  their  record  of  production  of 
over  $400,000,000  in  gold  and  silver,  and,  that  its 
value,  instead  of  being  mixed,  will  be  all  GOLD. 
To  the  cautious  investor  we  believe  this  field 
offers  an  exceptionally  favorable  opportunity, 
and  that  The  Goldfleld  Mascot  Mining  Company's 
stock,  at  the  present  price,  will  prove  a  highly 
profitable  investment.  For  further  particulars, 
address, 

THE   GOLDFIEL.D   MASCOT  MINING  COMPANY 

402,    403,    404    and    405    Empire    Building, 
DENVER,    COLO. 


The  following  discussion  of  the  mining  situa- 
tion at  Goldfield,  Nev.,  was  written  by  Charles 
J.  Moore,  the  well  known  engineer,  formerly  con- 
nected with  the  Portland  mine  at  Cripple  Creek, 
and  now  located  in  Southern  Nevada.  It,  there- 
fore, bears  the  weight  of  high  authority  and  is 
sufficient  evidence  of  the  amazing  record  and 
great  merit  of  Goldfield.  It  was  prepared  for 
the  annual  review  edition  of  Ores  and  Metals, 
We  are  permitted  to  publish  the  same. 


GOLDFIELD  TODAY 

This  wonderful  mining-  region  is  now  attract- 
ing- universal  attention  throughout  the  United 
States,  and  in  spite  of  its  great  and  continuous 
production  of  gold  many  are  still  asking  "Where 
and  what  is  it?" 

Much  has  already  been  written,  both  in  maga- 
zines and  newspapers,  concerning  the  phenom- 
enal discoveries  in  southern  Nevada  during  the 
past  five  years,  but  it  appears  that  the  invest- 
ing public  requires  many  repetitions  of  the  fact* 
regarding  any  new  mining  field  before  becoming 
convinced  of  their  truth. 

The  following  description  of  the  geology  and 
general  characteristics  of  the  veins  and  mines 
is  a  conservative  statement  of  the  facts  made 
with  as  few  technicalities  as  possible,  so  as  to 
be  easily  understood  by  any  reader. 

Goldfield  begun  in  May,  1903,  when  the  first 
locations  were  made  upon  the  reefs  or  blackish 
outcropping  ledg-es  which  occur  so  frequently  in 
the  district.  It  is  located  in  Esmeralda 
County,  Nevada,  due  east  264  miles  from 
San  Francisco,  120  miles  from  the  cele- 
brated Yosemite  Valley,  and  forty-five  miles 
east  from  the  boundary  line  between  the  two 
states  of  Nevada  and  California. 

THREE  RAILROADS  SOON 

It  is  240  miles  northerly  from  Los  Angeles  and 
270  miles  south  of  Reno,  on  the  Southern  Pacific 
railroad,  directly  connected  by  broad-gauge  rail- 
road being  extended  rapidly  southward  to  con- 
nect with  the  San  Pedro  <fe  Los  Angeles  railroad 
at  Rhyolite,  the  principal  town  of  the  Bullfrog 
district,  seventy-five  miles  south.  As  the  exten- 
sion is  already  completed  for  two-thirds  this 
distance,  and  the  character  of  the  work  over  the 
desert  is  very  light,  this  connection  will  be 
completed  before  the  end  of  January,  1907. 

The  Santa  Fe  railroad  is  pushing  up  from  the 
south,  and  is  known  locally  as  the  Tonopah  and 


10 


Tidewater  railroad.  Thus  Goldfield  will  very 
soon  be  in  direct  railroad  connection  with  three 
of  the  main  western  trunk  lines  instead  of  one 
as  at  present^  and  there  will  no  longer  be  short- 
age of  food  and  fuel,  life  necessaries,  as  of  late. 

WHERE  THE  ORE  IS  FOUND 

The  Goldfield  district  is  situated  topograph- 
ically in  a  region  of  low  hills  rising  to  a  height 
of  600  to  700  feet  above  the  general  level  of  the 
desert,  which  is  5,000  to  6,700  feet  above  sea 
level.  The  region  is  one  almost  entirely  of  erupt- 
ive or  igneous  rocks  comprising  various  types  of 
andesites  and  rhyolites,  and  the  veins  occupy 
the  very  irregular  branching  and  intersecting 
channels  of  an  extinct  hot  spring  region,  of 
which  the  reefs  and  ledges  now  existing  as 
ridges  upon  the  surface  are  the  silicious  envel- 
opes. These  ridges  are  thus  prominent  because 
of  the  erosion  of  the  softer  country  rock  adjoin- 
ing. The  principal  ore-bearing  rock  is  dacite, 
but  payable  veins  are  found  in  all  the  other 
andesites  and  rhyolites  and  within  or  in  close 
proximity  to  these  numerous  outcropping  ridges 
of  quartz  standing  eight  feet  to  twenty  feet 
above  the  general  surface  are  most  of  the  ore- 
bearing  veins  of  the  district. 

Sometimes  the  natural  vein  outcrop  is  two  to 
three  feet  wide,  but  as  a  rule  the  pay  shoots  are 
remarkably  narrow  at  the  surface.  Many  are 
only  from  one-half  inch  to  six  inches  wide,  and 
are  therefore  difficult  to  find  by  prospecting, 
and  numerous  shallow  pits  and  surface  trenches 
are  dug  before  the  location  of  the  vein  is  dis- 
covered from  which  the  rich  "float"  originated. 
The  area  within  which  values  have  been  found 
is  twenty-five  miles,  all  of  which,  and  much 
more,  probably  forty  square  miles  in  all,  is  fully 
covered  by  mining  locations,  duly  surveyed  andL 
recorded;  but  within  this  large  area  there  are  so 
many  individual  owners  that  systematic  devel- 
opment is  still  largely  wanting. 


11 


PARALLEL  ZONES 

So  far,  however,  as  development  has  proceed- 
ed, the  district  appears  to  comprise  a  parallel 
series  of  mineral-bearing  zones  or  belts,  some 
five  or  six  in  number,  from  1,000  feet  to  3,000 
feet  in  width. 

The  veins  run  in  various  directions,  but  chiefly 
parallel  to  that  of  the  zone  in  which  they  are 
found.  There  are  also,  however,  numerous  cross- 
veins,  some  running  north  and  south,  others  east 
and  west,  and  as  usual  in  mining  regions,  the 
greatest  deposits  of  ores  are  found  at  and  sur- 
rounding these  places  of  vein  intersection. 

The  deepest  developments  thus  far  are  in  the 
Jumbo  mine,  500  feet  deep,  but  little  is  generally 
known  regarding  the  character  and  amount  of 
ore  exposed  in  the  veins  at  that  depth. 

Diamond  drills  have  shown  the  existence  of 
ore  bodies  which  do  not  appear  at  the  surface, 
and  it  is  very  certain  that  many  more  will  be 
found  which  have  no  actual  outcrop. 

SECONDARY    ENRICHMENT 

The  veins  are  in  the  nature  of  fissures  in 
which  there  has  been  large  replacement  of  the 
adjoining  country  rock  by  quartz  as  well  as  the 
quartz  deposit  within  the  walls  of  the  crevices 
themselves.  In  the  oxidized  portions  of  the  vein 
the  gold  is  largely  free  and  frequently  very 
clearly  visible.  In  the  sulphide  zone,  which  is 
reached  about  130  feet  below  the  surface,  copper 
sulphides  appear  (bornite  and  tetrahedrite),  also 
bismuth  sulphides  and  some  little  tellurides. 
There  is  a  zone  of  secondary  enrichment 
in  the  upper  portion  of  the  sulphides  or 
live  ore,  the  thickness  of  which  has  not 
yet  been  determined,  but  which  contains 
extremely  rich  free  gold  deposits,  due  to 
the  values  added  by  reason  of  re-deposition 
of  gold  leach  from  the  more  superficial  ores. 
These  value*  are  no  extraordinary  as  to  surpass 
any  district  thus  far  discovered  in  the  United 


12 


States,  even  the  far-famed  Cripple  Creek,  Colo- 
rado, and  comparable  only  to  those  of  one  mine 
in  Westralia.  Of  course,  this  rich  ore  has  led  to 
much  of  what  is  euphemistically  termed  "high- 
grading,"  in  common  language,  ore  stealing,  in 
spite  of  which,  however,  both  mine  owners  and 
lessees  are  making  great  profits.  For  example, 
in  the  celebrated  Mohawk  mine  a  total  gross 
production  of  $5,000,000  was  made  in  106  days, 
and  the  average  assay  value  of  all  the  ore 
shipped,  to  November  20,  1906  ($9,664,000),  was 
$117.10  per  ton. 

The  question  of  the  depth  to  whibh  payable 
values  will  be  found  in  the  veins  is  still  unde- 
termined, but  the  fact  of  an  increase  in  copper 
sulphides  and  in  tellurides  as  depth  is  increased 
indicates  that  these  veins  will  carry  payable  ore 
as  deep  as  mechanical  appliances  can  work  to 
advantage. 

The  width  of  the  payable  ore  bodies  in  the 
veins  vary  greatly.  The  extremes  may  be  placed 
at  two  feet  and  thirty  feet,  though  in  places 
the  widths  expand  to  no  less  than  100  feet.  The 
lengths  of  the  ore  bodies  also  vary  in  the  dif- 
ferent veins.  The  longest  known  to  the  writer 
is  350  feet. 

The  veins  are  numerous  but  irregular,  both  in 
course  and  character.  There  is,  however,  a  gen- 
eral likeness  observed  in  all  those  of  any  one 
belt  or  zone. 

FLAT  VEINS  AND   MERGERS 

Besides  the  veins  having  a  dip  varying  from 
vertical  to,  say,  60  degrees  from  the  horizontal, 
there  has  recently  been  discovered  a  most  im- 
portant series  of  great  extent  having  a  dip 
varying  from  45  to  27  degrees  from  the  horizon- 
tal. These  latter  or  flat  veins  contain  the  great- 
est ore  bodies  and  appear  to  be  formed  at  the 
contact  of  two  flows  of  igneous  rocks,  thus 
being  in  the  nature  of  bedded  contact  veins.  The 
significance  of  these  low-dipping  veins  when 
considered  in  the  light  of  apex  litigation  be- 
comes very  great,  and  has  led  to  the  inaugura- 


13 


ting  of  an  immense  merger  combining  the  prin- 
cipal mines  in  one  company — the  Goldfleld  Con- 
solidated Mines  Company — with  a  capital  of 
5,000,000  shares  at  $10  par  value. 

While  this  consolidation  will  probably  quiet 
all  litigation  among  the  present  main  producing 
mines,  the  district  is  much  too  vast  to  enable 
any  single  company  to  absorb  or  acquire  more 
than  a  small  percentage  of  the  ultimately  pro- 
ductive territory  and  as  developments  progress 
there  will  be  many  other  large  companies  and 
mergers  formed  additional  to  that  now  in  pro- 
gress. 

CYANIDE  MILLS 

In  the  Goldfield  district  there  are  stamp-amal- 
gamation and  cyanide  mills  and  two  sampling 
mills,  and  the  Goldfleld  Consolidated  Company  is 
planning  to  erect  another  mill  of  1,000  tons  daily 
capacity.  The  Combination  mill  of  twenty 
stamps  treats  seventy-five  tons  daily  in  amalga- 
mation and  cyanide,  part  oxide,  part  sulphide 
ores,  and  effects  an  average  saving  of  90  per 
cent.  This  will  shortly  be  altered  so  as  to  re- 
duce the  entire  pulp  to  a  slime,  in  accordance 
with  the  most  recent  cyanide  practice. 

The  population  of  Goldfield  is  fully  15,000  and 
increasing  every  day.  It  is  difficult  to  secure 
accommodations.  There  is  no  reason  to  doubt 
the  statement  of  some  of  the  best  informed  and 
close  observers  who  expect  a  population  of  35,- 
000  by  the  end  of  1907. 

STOCK-SELLING    COMPANIES 

There  are  many  incorporated  mining  com- 
panies advertising  and  selling  stocks  through- 
out the  United  States  based  on  Goldfield  loca- 
tions, some  of  which  are  genuine  legitimate 
mining  ventures,  and  others  mere  "wild-cats" 
or  "fakes."  There  is  no  larger  proportion  of  the 
latter  class  here  than  in  the  early  days  of  every 
active  mining  district  in  the  West,  and  the  pro- 
spective investor  can  easily  inform  himself  as 


14 


to  the  character  of  any  enterprise  by  engaging 
the  services  of  a  reputable  mining  engineer  to 
investigate.  There  is  little  secrecy  and  no  diffi- 
culty in  ascertaining  the  true  character  of  any 
individual  or  any  mining  enterprise  in  this  dis- 
trict. 

EXAMPLE  OF  PROFITS 

Space  will  not  permit  of  a  detailed  statement 
concerning  the  producing  mines,  profits  realized 
therefrom,  dividends  declared,  etc.,  but  as  an 
example  the  Combination  mine,  comprising  some 
200  acres,  may  be  cited.  In  October,  1903,  this 
mine  was  bonded  on  a  three  months'  option  for 
$75,000,  of  which  $5,000  was  paid  in  cash;  the 
remainder  of  the  purchase  price  was  taken  out 
of  the  mine  itself.  Since  then  the  mine  has  been 
actively  and  extensively  developed,  a  twenty- 
stamp  mill  and  cyaniding  plant  constructed  on 
the  property  at  a  very  heavy  expense  (the  ini- 
tial ten-stamp  unit  cost  over  $55,000),  a  strong 
hot  water  spring  purchased,  and  pipe  line  12 
1-10  miles  long  with  pumping  plant  installed 
which  brings  an  ample  water  supply  to  the  mill; 
electric  and  gasoline  hoists  installed  and  all 
buildings  and  plant  necessary,  erected  entirely 
out  of  the  proceeds  of  the  mine.  In  addition, 
dividends  have  been  declared  monthly  for  nearly 
two  years  at  the  rate  of  10  per  cent  per  month 
on  the  capital  stock  issued,  or  a  total  of  over 
$800,000,  and  $80,000  reserve-  kept  in  the  treas- 
ury. There  is  also  some  $3,000,000  ore  reserves 
in  the  mine.  L.  L.  Patrick,  president  of  the 
Goldfield  Mascot,  was  the  one  who  induced  some 
Eastern  friends  to  join  him  in  taking  up  the 
Combination  property. 

LEASERS  AND  DISCOVERIES 

Leasers  have  made  large  profits  in  this  district 
and  have  actually  made  the  first  discoveries  on 
all  the  leading  mines  of  the  district.  As  an  ex- 
ample of  returns  from  leasing  operations  the 
Mohawk  property  may  be  cited,  in  which  nine 


to 


sets  of  leasers  are  working  in  payable  ore.  From 
April  to  November,  1906,  seven  months,  they 
produced  34,800  tons  of  dry  ore,  yielding  $4,075,- 
920  gross  value,  or  $3,135,426  net,  after  deduct- 
ing transportation  and  treatment  charges.  Of 
this  net  amount  the  leasers  received  $2,429,957 
and  the  company  for  royalties  $705,070.  The 
high-grade  ore  stored  and  in  transit  is  estimated 
over  $1,000,000  additional  to  the  above.  These 
leases  expire  in  January,  1907,  and  it  is  estima- 
ted that  their  production  additional  to  the  fig- 
ures above  given  will  reach  a  total  of  $9,664,uoO 
gross,  of  which  $1,678,000  will  be  the  total  re- 
ceived by  the  company  as  royalty. 

FIGURES  NEVER  EQUALLED 

These  figures  are  positively  startling  and  have 
never  been  equalled  in  the  first  three  years'  his- 
tory of  any  gold  mining  camp.  The  same  ratio 
of  increase  shown  in  the  last  eight  months,  if 
continued  for  a  few  years,  would  surpass  even 
the  great  Comstock  bonanza,  and  the  geological 
conditions  indicate  other  great  concentrations 
of  values  in  other  portions  of  the  district  as  well 
as  the  constituency  of  the  Combination,  Mo- 
hawk, Jumbo,  Red  Top,  January,  Florence,  etc. 


Hicks-Fairall,  Denver. 
16 


